Why are they made again and again? Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they re … [Read more...] about Retirement Preparation Mistakes
Retirement
Why Roth IRA Conversions May Now Be Advantageous
Thanks to a couple of factors, some investors are thinking about this move before 2020 ends. Roth IRAs have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed. Do Roth IRAs seem even more attractive these days? Perhaps. You can cite two factors: … [Read more...] about Why Roth IRA Conversions May Now Be Advantageous
2019 IRA Deadlines Are Approaching
Here is what you need to know. Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. April 1, 2020 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts. A new federal law must be noted here. The Setting Every Community Up for Retirement Enhancement … [Read more...] about 2019 IRA Deadlines Are Approaching
The SECURE Act
Long-established retirement account rules change. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for many Americans. For others, it may r … [Read more...] about The SECURE Act
Can You Put Your IRA into a Trust?
What you should know about naming an IRA beneficiary. Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then have access to the funds, … [Read more...] about Can You Put Your IRA into a Trust?
Creating a Retirement Strategy
Most people just invest for the future. You have a chance to do more. Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they may live off their savings or investments, plus Social Security. They know this, but many of them do not know when, or how, it will happen. What is missing is a strategy – and a … [Read more...] about Creating a Retirement Strategy
Reducing the Risk of Outliving Your Money
What steps might help you sustain and grow your retirement savings? “What is your greatest retirement fear?” If you ask any group of retirees and pre-retirees this question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.1 Retirees face greate … [Read more...] about Reducing the Risk of Outliving Your Money
The Solo 401(k)
A retirement savings vehicle designed for the smallest businesses. Do you work for yourself? Then take a look at the solo 401(k), which marries a traditional employee retirement savings account to a small business profit-sharing plan. To have a solo 401(k), you must either be the lone worker at your business or its only full-time employee.1 Imagine nearly tripling your … [Read more...] about The Solo 401(k)